Proximar Seafood announces refinancing plan including NOK 150 million ($15.5 million) rights issue.
Proximar Seafood has launched a comprehensive refinancing plan aimed at improving liquidity and strengthening its balance sheet, the company announced Wednesday.
The plan includes a NOK 150 million ($15.5 million) fully underwritten rights issue, a NOK 14.2 million ($1.5 million) private placement to underwriters, and amendments to existing debt facilities, including its Japanese syndicated loan and convertible bond.
Proximar will propose the rights issue at an extraordinary general meeting expected in August or September 2025. Shareholders will receive tradable subscription rights at a fixed price of NOK 1 per share. The offering is fully underwritten, with underwriters entitled to participate in the private placement and receive compensation in the form of new shares.
The proceeds will provide a working capital buffer of at least NOK 70 million ($7.2 million), refinance a NOK 30 million ($3.1 million) shareholder loan, and support general corporate purposes. Additional capital will also cover increased working capital needs related to a revised harvest plan aimed at improving average harvest weights and pricing.
Amendments to the company’s NOK 150 million ($15.5 million) convertible bond include a proposed 15-month maturity extension and revised conversion terms. Bondholders will be offered a temporary period to convert at NOK 1 per share.
CEO Joachim Nielsen said the plan provides “increased flexibility and a stronger capital structure,” adding that the company continues to seek alternatives to reduce dilution from the bond.
The shareholder loan from Grieg Kapital AS will also be partially repaid and restructured, with a two-year maturity extension and a reduced guarantee fee.
ABG Sundal Collier is acting as financial advisor and Thommessen is acting as legal counsel to Proximar.
Proximar operates a land-based salmon farming facility in Japan, near Mount Fuji, with its first harvest completed in September 2024.